Texas billionaire Kelcy Warren paid $46.5 million for a 3,151-acre ranch near Pagosa Springs in what is believed to be the largest ranch deal in the country this year.

The Wall Street Journal reported last week that Warren, who ranked No. 289 on the Forbes 400 Richest Americans list last year, purchased the Bootjack Ranch.

Warren, chairman and chief executive of Dallas-based natural-gas-pipeline operator Energy Transfer Partners LP, could not be reached for comment.

The property, surrounded by national forest on three sides, has 7 miles of river, six lakes, several ponds and an 82-foot-long pool. The 13,825-square-foot main house has four bedrooms, a large great room, a game room, two private offices, a library, a fitness room, a 1,500-bottle wine cellar, a mud room, an oversized two-car garage and seven fireplaces.

The property also has a number of guest cabins, a lodge and a 12,000-square-foot spa with enough space to entertain 100 people.

“It’s probably the most exceptional property I’ve come upon in terms of the setting, the quality of the infrastructure and the fishing opportunities on the property,” said Bill Fandel of Peaks Real Estate Sotheby’s International Realty, who represented the buyer and the seller.

Fandel declined to disclose the name of the buyer but said he intended to use the property as a family retreat.

“When there’s been so much volatility in the broader economy, people recognize the enduring value of land, especially really unique, iconic properties,” Fandel said.

The economic downturn has helped to protect many large properties from being subdivided, said Fandel, who has several ranches listed.

“The trend has been more toward well-heeled individuals buying them as family retreats and exploring the conservation opportunities, rather than the alternative of subdividing,” Fandel said. “The idea of subdividing becomes less palatable in a down economy.”

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